AFC Bournemouth shareholders have voted to sell their Dean Court stadium to a London based property company.
Friday night's stormy EGM voted in favour of the sale, but questions are still being asked whether the vote was acceptable under the constitution of the club, with several non-shareholders apparently casting votes in a show of hands.
Community Mutual (CM), the former Supporters Trust carrying a 51% stake in the club, eventually abstained their vote after initially voting against the proposal in a bizarre set of circumstances.
Their membership had voted in favour of the sale, but CM had attached three clauses onto their vote for the club to prove viability in the day to day running of the business, adequate working capital, and fairness to creditors. CM claimed those clauses had not been met and initially voted against the proposal, effectively scuppering the deal.
After a break to clear heads and allow some time for reflection a pre-written winding up order from the Inland Revenue was read out by the club Company Secretary, adding that it was the Inland Revenue's intention to serve this order on the club within 7 days if the sale of the ground was not completed. CM eventually abstained their vote, allowing the motion to be carried with a sufficient majority.
AFC Bournemouth will now receive £3.5m for the majority of the Dean Court site, but will have to pay a rent of £300,000 per year from now on.